BALANCE R E A L E S TAT E
THE
LUX REPORT by John-Mark Mitchell
Welcome again to the most unusual
the first offer the seller has received and will be presented at a much
real estate market we have ever expe-
more relaxed pace than when the house is open for showings and
rienced on the East Coast! As the out-
they have 18 offers in one day. In my firm, we have done this several
door temperatures are rising, so are
times and have had tremendously successful results for our buyers
the temperaments of our buyers and
and sellers. We have found that a lot of the sellers we represent are
sellers while being in the midst of the
excited about not having 20 showings in one day and having to de-
hottest and most complex, but excit-
cide between so many different offers. Also, some of the best buyers
ing, markets on record. The new nor-
do not wish to compete and will pay a premium to have their offer
mal is anything but normal… And it
considered before the competition. At the end of the day, helping
appears that we’re just getting started.
our buyers and sellers get the results they want is what makes our
We can all agree that due to the limited quantity of luxury prop-
job relevant and successful. Having a broker with knowledge of
erties and prospective buyers, the listing and sale of luxury real
how to be creative in negotiations is what will make the difference
estate may present some challenges. However, with the right mar-
in how satisfied you are as a buyer or seller of luxury real estate.
keting mix, the right Broker, and a little creativity, you can connect
According to the latest profile of home buyers and sellers, this
your luxury listings with qualified and interested buyers. Think-
is the first year that we are seeing that 5% of first time home buy-
ing outside the box may transform a multi-million dollar home
ers have a net income of over $200,000. This is not investors, but
on acreage into a winery or a convention retreat center. Finally,
the first home that young people out of college are purchasing. You
connecting with the international community will help increase the
may conclude that this is one of the factors that is forcing the luxury
pool of prospective buyers for any luxury property.
market to rise quicker than predicted.
So your question may be… how can we win the war in this competitive real estate market? First and foremost, find the most knowledgeable and reputable company in the area that you were wishing to purchase. Do your own homework and ask people that you respect that currently live in that area who they may recommend. It is a fact that having more than just local knowledge can make your buying and selling experience much more rewarding and profitable in your real estate decisions. Here is a great idea if you are a buyer
The company you work with needs to have knowledge not only in the local city that you’re considering but also luxury representation across the state in which you are seeking to purchase.
Statistics worth repeating are that home sales for the remainder of 2022 are predicted to rise 6.6% year over year, reaching a 16 year high across the East Coast. And although we will have increased inventory due to the warmer seasons, we will still face fierce competition, record high listing prices, and fast paced sales for the remainder of the year. Hang on tight and let’s enjoy the ride together. In conclusion, I always inform my sellers and buyers when I meet them to hire me… Not because we are friends, which a lot of times we are… But select me because I am the absolute best person to get you the highest price and best deal in today’s market. We make this the reason for anyone to select any of the brokers in our firm, or any company that places outstanding service as their highest priority. If you have any suggestions for future reports or any questions, please feel free to reach out to me by email; johnmark@gomitch.
in this crazy market: If the property you seek is in “coming soon”
com or follow me on Instagram; johnmarkmitchell.realestate.
status, make an aggressive offer to the sellers, with a lower due dil-
As always, thank you for letting me be a part of your story.
igence until you have seen the property. Your offer will possibly be
Cheers! www.LuxLifestyle-magazine.com
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